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Marbella is one of the most expensive towns in the province Josele
The Costa del Sol is where property prices along the entire coastline of Spain have risen the most
Property

The Costa del Sol is where property prices along the entire coastline of Spain have risen the most

One coastal resort in Malaga province has registered an increase in the price per square metre of more than 13% in the last 12 months

Cristina Vallejo

Malaga

Tuesday, 25 June 2024, 19:47

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The housing market on the Costa del Sol is on gre. Malaga is the province where property prices along the entire Spanish coastline have risen the most, latest data shows.

At the end of the first quarter of 2024, the square metre price stood at 2,289 euros, an increase of 9.3% compared to the same time a year earlier, according to Tinsa's most recent property valuation report. The company is a leader in real estate valuations in Spain.

Malaga was followed by the Balearic Islands, with a rise of 8.8% to 2,934 euros per square metre, Alicante, Valencia and Santa Cruz de Tenerife, with increases of around 7%. Next were two Andalusian provinces, Cadiz, with an increase of 5.8%, to 1,625 euros per square metre, and Almeria, where the rise was 5.6%, to 1,187 euros.

By coastal areas, in Malaga city, the rise in property prices is 10.7% year-on-year, to 2,336 euros per square metre, while in Torrox the rise has been 9.6%, to 1,859 euros. In Nerja, prices have risen less, by 4.4%, to slightly over 2,000 euros per square metre, the figures show.

On the Costa del Sol between Torremolinos and Mijas, Benalmádena has registered the highest increase, with a rise of 12.4% to 2,465 euros per square metre. Mijas lagged a little behind, with an increase of 8.2% to 2,096 euros. The most expensive municipality in the area is Fuengirola, with its 2,470 euros per square metre, having increased by 9.5% year-on-year.

2,811 euros per square metre

The cost of housing in Marbella makes it one of the most expensive towns on the Costa del Sol

In the area between Marbella and Manilva the highest increase has been recorded in the latter town, where the square metre has risen by 13.1% in the past 12 months, to 1,826 euros. But Marbella is the most expensive location, at 2,811 euros per square metre, having risen by a further 10% in the past year.

These increases along the coast of Malaga are higher than the Spanish average: in the past 12 months, the price of coastal housing according to the valuations carried out by Tinsa has risen by 5.7% year-on-year, to 1,740 euros per square metre.

Holiday homes

These are data for the coastal property market as a whole. But the Tinsa report differentiates between first and second homes, and between permanent and holiday homes. According to the appraiser, the price of holiday homes is substantially above average. The average square metre of holiday homes is 3,700 euros per square metre in Malaga, the data shows. The most expensive are located between Marbella and Manilva, at 4,000 euros per square metre; followed by those between Torremolinos and Mijas (3,600 euros per square metre); and those in the region of La Axarquía, with an average of 3,000 euros per square metre.

The Tinsa report also reveals the importance of the coastal municipalities market for the province of Malaga, as it accounts for 83% of the sales and 64% of the total number of visas - new building permits - in the province.

International buyers are the main purchasers in the coastal areas, except in Fuengirola where many buyers are from Madrid and other provinces in Andalucía. Foreigners, according to Tinsa, come mainly from the United Kingdom, Germany, Belgium, Holland, Nordic countries and the Middle East. According to the real estate appraisal company, sales of holiday homes by foreigners account for between 50% and 70% of the total.

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